By Joshua Kirby
India’s trade deficit narrowed again in December as demand for imported goods continued to fall.
The trade balance, which measures the gap between merchandise exports from and imports into India, stood at $19.80 billion in December, according to data set out Monday by the country’s commerce ministry. The deficit narrowed from $23.14 billion a year earlier, continuing recent months’ trend.
Exports rose slightly to $38.45 billion, while imports fell nearly 5% to $58.25 billion, the figures showed.
Iron ore was the largest gainer in export growth, alongside tobacco, meat, fruit & vegetables, electronic goods and spices. Among imported goods, raw cotton saw among the largest drops on year, alongside silver, fertilizers and vegetable oil.
Write to Joshua Kirby at [email protected]; @joshualeokirby
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